The Bank of England is more likely to cut interest rates than raise them in the event of a no-deal Brexit, rate-setter Silvana Tenreyro said, the latest BoE official to back the idea of coming to the economy's rescue if it suffers a Brexit shock.

LONDON - British households took out more mortgages and increased their borrowing in January, adding to signs that consumers are less worried about Brexit than many businesses, Bank of England data showed.

The Bank of England can probably raise interest rates only around once a year, given the weakening of the economy in Britain and around the world, and even that slow pace might be too much, a top policymaker at the central bank said.

The Bank of England said Britain faces its weakest economic growth in a decade this year as uncertainty over Brexit mounts and the global economy slows, but interest rates will eventually rise if an EU divorce deal is done.

Business Video

American whiskey exports slumped in the second half of 2018, taking a blow from higher duties by the country’s trading partners following President Donald Trump’s tariffs on steel and aluminum imports, an industry group said on Thursday. Yahaira Jacquez reports.

Top News

French President Emmanuel Macron warned Prime Minister Theresa May on Thursday that Britain would face a disorderly departure from the European Union if she fails to get parliamentary approval for her deal on the third attempt next week.

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: